Your morning men's fashion news update, direct from GQ HQ. Read on for the three most important talking points from the world of menswear today.
Selfridges have reported record sales for the tenth consecutive year
The retailer has reported a five per cent jump in gross sales to £1.4bn, despite a 1.9 per cent drop in operating profits in its full year results. The company invested £300m into its London flagship store and online - a project which has already been running two years - marking an "unprecedented level of investment" for the retailer. It's this investment that has taken its toll on margins. This will mark the tenth consecutive year of record sales for the department store which welcomes over two million shoppers in store and online every year.
Retail director at John Lewis quits
Mark Lewis has resigned from his position just two days after a new managing director was appointed. Paula Nickolds is taking the place of Andy Street as managing director, who is departing to pursue a career in politics. Lewis, who was online director prior to 2015, will leave the department store to head Money Supermarket, but will remain in the role over the busy Christmas period until 4 May 2017. Lewis said “It has been my privilege to work with a winning team, which I know will continue to successfully define the future of omnichannel retailing.” He will replace Peter Plumb at the price comparison website. (Full story at Retail Gazette).
Hugo Boss Clarifies CEO comments about focusing on menswear
Hugo Boss has clarified comments made by CEO Mark Langer after mounting speculation about the future of the brand. Langer told German business newspaper Handelsblatt that the brand was looking to "abandon the luxury market and go back to its roots of selling premium men's clothing." However, a spokesperson for the brand has since announced that "we can confirm that we will focus more closely on our menswear collections. Hugo Boss will, however, be continuing its collaboration with artistic director Jason Wu who remains extremely important to us. Therefore womenswear will remain a key component of our medium-term growth strategy."
HUGO BOSS has clarified comments made by its CEO after they led to industry speculation about the future of its womenswear label.
Mark Langer told German business newspaper Handelsblatt that the brand was looking to "abandon the luxury market and go back to its roots of selling premium men's clothing", reported the Business of Fashion this morning. He added that "the effort to make inroads in the luxury market didn't prove to be particularly helpful for our business".
A spokesperson for the brand, however, has insisted that this will not affect its women's ready-to-wear line, which is currently designed by Jason Wu.
"We can confirm that we will focus more closely on our menswear collections. Hugo Boss will, however, be continuing its collaboration with artistic director Jason Wu who remains extremely important to us. Therefore womenswear will remain a key component of our medium-term growth strategy," we were told this afternoon.
The retailer has reported a five per cent jump in gross sales to £1.4bn, despite a 1.9 per cent drop in operating profits in its full year results. The company invested £300m into its London flagship store and online - a project which has already been running two years - marking an "unprecedented level of investment" for the retailer. It's this investment that has taken its toll on margins. This will mark the tenth consecutive year of record sales for the department store which welcomes over two million shoppers in store and online every year.
Mark Lewis has resigned from his position just two days after a new managing director was appointed. Paula Nickolds is taking the place of Andy Street as managing director, who is departing to pursue a career in politics. Lewis, who was online director prior to 2015, will leave the department store to head Money Supermarket, but will remain in the role over the busy Christmas period until 4 May 2017. Lewis said “It has been my privilege to work with a winning team, which I know will continue to successfully define the future of omnichannel retailing.” He will replace Peter Plumb at the price comparison website. (Full story at Retail Gazette).
Hugo Boss has clarified comments made by CEO Mark Langer after mounting speculation about the future of the brand. Langer told German business newspaper Handelsblatt that the brand was looking to "abandon the luxury market and go back to its roots of selling premium men's clothing." However, a spokesperson for the brand has since announced that "we can confirm that we will focus more closely on our menswear collections. Hugo Boss will, however, be continuing its collaboration with artistic director Jason Wu who remains extremely important to us. Therefore womenswear will remain a key component of our medium-term growth strategy."
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